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Broadway Acquires 500 W. Monroe for $335M

CHICAGO-The building is currently 92% leased, with 131,000 sf of space on the top floors becoming available next year.

By Gina Kenny | Updated on July 19, 2007

CHICAGO-Broadway Partners, headquartered in New York City, has acquired 500 W. Monroe St. from Shorenstein Properties LLC, headquartered in San Francisco. The sales price for the 973,100-sf building was approximately $335 million, according to Real Capital Analytics data.

The cap rate for the purchase was between 5% and 5.5%, according to sources. Jones Lang LaSalle marketed the property and has been retained as the leasing agent, says Bruce Miller, manager director at Jones Lang LaSalle. Broadway Partners will manage the property.

The property was purchased through Broadway Partners Real Estate Fund III, a fund targeting value-add properties, according to a released statement from Broadway Partners. “The vacancy rate for class A buildings in the West Loop is rapidly declining and there is a shortage of high-quality space. At the same time, rent growth is strong, making the timing of this purchase ideal,” Broadway’s Midwest region director of acquisitions James Hennessy, says in a released statement. Representatives from Broadway declined to be interviewed.

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